Tag Archives: Buyer

Avoid the most common buyer errors

15 Feb

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Avoid the most common buyer errors. Shopping for a new home is an emotional experience. It’s also time consuming and  comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:

  • Paying too much
  • Losing a dream home to another buyer
  • Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.

Outdated survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).

Unexpected repairs
For $300 – $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.

Remember additional cost
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.

Rushing the closing
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing or even the sale.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

How To Avoid The Temptation To Overprice

9 Feb

How To Avoid The Temptation To Overprice . Pricing your home is one of the most important decisions you will have to make once you decide to sell your home and one that could cost you big if you get it wrong.   We know what you are up against.  You want to sell your home for top dollar and you want to sell it fast.   Right?  So how exactly do you go about finding that sweet spot?

We know how tempting it can be to overprice your home.  You want to test the market or ask for a higher amount and then negotiate down, but remember, the market is flooded with competition and if you do any of those things you might just be deterring potential buyers or buyers may perceive you as being a desperate seller and you will continually get low ball offers.

Here are a few tips and tricks to help you avoid overpricing your home.

• Research Your Competition.  Have your realtor put together some information about similar homes on the market in your area and the ones that have recently sold and what they sold for.  If you overprice your home, buyers will not want to hassle with it and move on to the next one.  Additionally, home appraisers will use the area comps to determine your homes current value.  So even if you do get a higher offer, the appraiser may find your home is overvalued compared to other nearby homes and this can cause major delays in the mortgage process or you could lose the deal altogether

• Where Are Your Buyers Coming From?  The vast majority of home buyers begin their home search online.  They type in a price range, number of bedrooms, number of bathrooms etc. and if you have overpriced your home then your house will not even be seen by potentially thousands of possible qualified buyers

• Visit The Open Houses Of Your Competitors.  Before you put your home on the market, it might be very helpful to visit some open houses in your area.  See what your buyers will be seeing.  How do they compare to your home?  How are they priced?  Learn what strengths and weaknesses your home has so you can address them in advance.  Doing this is the best way to get a reality check on exactly how to price your home

• Get A Home Inspection Now.  If you are thinking about putting your house on the market you should consider getting a home inspection in advance.   Home buyers always use the home inspection to get you to lower your price.  However, if you learn the issues in advance,  you and your realtor can decide which ones to take care of prior to listing your home so that they will not be an issue with your home buyer.  This could potentially save you thousands of dollars in the long run.  In addition, you can set the price of your home contingent on any needed repairs

Talk to your realtor to help you make the best possible decision for pricing your home.  Your realtor will be more than happy to do all of the leg work for you and provide you will all of the competing information and stats you will need.  When in doubt – go low.  An overpriced home will cause more problems for you in the long run and once the damage is done, it may not be easily reversed.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

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What You Must Know About Disclosures Before Selling Your Home

12 Jan

What You Must Know About Disclosures Before Selling Your Home

Selling your home can be a very exciting time.  You have enjoyed the time you have spent in your home and you will probably be somewhat sad when moving day comes.  But don’t make things worse by not knowing everything there is to know about giving a full disclosure about your home.

Your realtor will probably pound this in like a prosecutor; but there is a very good reason for giving full disclosure about your home.  So what does “full disclosure” mean and why does my realtor keep warning me about this?  Well, that is because your realtor is trying to keep you out of legal trouble.
What!  Legal Trouble?  How can my telling a little white lie get me into legal trouble?   Well the fact of the matter is –  it is the law –  you must give full disclosure when selling your home.  You must disclose anything and everything that might be wrong  with your home before you sell it.

You have probably lived in your home for years and you know that is has some “quirks”.  No home is perfect, they all have something wrong with them; maybe just a few small things or maybe some really big things.  It doesn’t matter how big or small the issues are they must be disclosed before the sale.

So what exactly do you mean “everything”?  Well, you know that little drip in the bathroom faucet, and the little fact that your dishwasher stops up from time to time, or perhaps the fact that your basement floods or your roof leaks but only when you get a heavy rain.  Yep, that’s the stuff I am talking about.  When I say everything must be disclosed, I mean everything!

When it comes time to sell your home you have some options.  You can make the repairs at your expense  or you can let the buyers know up front what the problems are and let the buyers decide if they want them fixed.  Just remember, if you don’t get these items fixed before putting your home on the market, your buyers will probably come back with an offer on your home minus the cost of the repairs.

Most buyers will have a home inspection done; however, even if they don’t, it is your responsibility to disclose any defects that you know about.  A concealed problem may come back to haunt you after your closing.  There have been many lawsuits that involve undisclosed defects.  So it is in your best interest to disclose, disclose, disclose.  Otherwise, the settlement of a lawsuit will make the cost of those repairs or price concession look like a real bargain!

Talk to your realtor and they will be able to assist you with the disclosure agreement.  Your realtor will be your best friend throughout this entire process and beyond and is the best person to help keep you out of legal trouble.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Unique Ways To Fund Your Downpayment

12 Jan

Unique Ways To Fund Your Downpayment

One of the biggest concerns many people have when it comes to buying a home is coming up with the down payment.  Or perhaps coming up with a down payment that is large enough to lower their monthly payment.   These are very legitimate concerns ; therefore, we have come up with some unique ways to help you afford your down payment.

1.  The most popular(and maybe not so unique) is to dip into your savings account

2.  Hit up some of your friends – who knows what kind of money they have lying around

3.  Ask all of your relatives – if all of your relatives can give a little, perhaps you can reciprocate the next time they need a favor

4.  Check with your 401k administrator – in certain cases you can borrow some money from it without penalties

5.  Look at your entire portfolio – do you have stock proceeds you can use or maybe you could sell some stocks to beef up your down payment

6.  What assets to you have – do you have anything that you could sell to come up with that extra down payment

7.  Sometimes, depending on the lender , a co-signer might be an option

8.  Does your city offer any down payment subsidy programs – sometimes these subsidies are $5000 to $10,000 – this is free money – who doesn’t want free money.  This will also significantly lower your monthly payments as well

9.  Some banks still offer zero percent down – which means you have no down payment – these are usually reserved for first time home buyers with extremely good credit

10. Perhaps you might consider a lease with an option to buy

11.  Sometimes a seller is willing to fund part or all of your down payment just to get the deal – this is called a carry back mortgage – it will help the seller sell their home faster and help the buyer buy a home that they could not otherwise afford

12.  Talk to your lender about a second mortgage

There are many, many ways to fund your down payment.  Ask your realtor to help you come up with the options that will work best for you.  You might be surprised at just how well versed they are in helping buyers reach their down payment goals.  So use their experience to your advantage and don’t let a little thing like a down payment get in your way.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

11 Jan

What Is Escrow And How Does It Work?

So what exactly is escrow.  If you have recently bought a house or are thinking about buying a house, you will need to know what escrow is.  Here is a quick overview of what escrow is and how it works.

Escrow is a deposit that is held by a third party or escrow agent.  So in other words, an escrow deposit, is the money you put down on your new home.  Your escrow deposit is held in a secure location by a neutral third party.

The escrow agent works for both the lender and the buyer and their purpose is to carry out the instructions that both parties have agreed on.  The escrow agent will release your money once all of the terms of your agreement have been upheld.

Your mortgage lender will more than likely require you to open an escrow account to make sure there is enough money to cover your insurance and taxes.  The way this works is you will make an initial deposit to your escrow account followed my monthly installments.  Most lenders will arrange to have this included in your monthly mortgage payments.  When your taxes and insurance premiums come due the escrow agent will release the funds to the appropriate party.

The reasoning behind having an escrow account is to protect the lender in the event you default on your payments.  The lender is then protected from external perils that could arise as a result of you not paying your taxes or your insurance causing the lender to be left with no collateral.

An escrow account also helps the buyer because it allows you to spread your payments  evenly over a 12 month period.  Just imagine if your yearly taxes were $3000 and your yearly insurance was $1400, that would leave you owing $4400 in one lump sum.

Your escrow amounts could change from year to year due to the possible increase in your taxes and insurance.  Therefore, your lender will review and adjust your escrow amounts annually and you will be given a revised mortgage payment if your taxes or insurance go up.   On the same token; however, if your taxes or insurance rates go down, you will be given a refund.

Sometimes an escrow requirement can be waived.  Some buyers prefer to pay all of their taxes and insurance directly.  Your lender may allow you to do this if your down payment is more than 20% but they will more than likely raise your interest rate slightly to compensate.   One thing to remember is that once you begin putting your funds into an escrow account, it can be difficult to cancel this process so make sure that you fully understand what your options are before doing anything.

Well, I hope that I have fully explained what escrow means and how it works.  However, if there is anything you don’t understand or anything you have questions about, please call your realtor.  Your realtor has many years of experience with these kinds of things and will be more than happy to assist you.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Why Winter Is A Great Time To Sell

10 Jan

Why Winter Is A Great Time To Sell

What?  Sell my home during the winter?  Why would I do that?  Well, that is what most people think and that is what you are going to use to your advantage.  Ok, I see that look of doubt on your face.  But don’t worry I am going to explain myself.  Below I am going to go over why the winter is the best time to sell your home.  Keep reading  .  .  .

The Top 5  Reasons To Sell Your Home During The Winter

1.  Because it is getting close to the end of the year which means lower borrowing costs give buyers incentive.

2.  Less competition!  Who doesn’t want less competition?  Take advantage of this and you may very well be the only home for sale in your entire neighborhood or at least one of the few.  It is very frustrating for home buyers who are ready to buy a home now but cannot find anything that fits their needs.  Your house may be their dream home, so give them what they want and you can almost name your price.  Your buyer will be so excited that they were even able to find a suitable home this time of year!

3.  Less competition means you may not have to put as much money into your home in order to sell it.  So talk to your realtor before you go running to the hardware store to make improvements that may not be necessary due to  the lack of competition.

4.  You may be worried that your holiday plans will interfere with selling your home.  Nope!  That’s not an excuse.  All you have to do is to ask your realtor to make a change in your showing procedures that will require advance notice for all showings.  Who knows, maybe your buyer will schedule a showing during your holiday meal and you can invite them to join you.  Wow, what a way to help them feel right at home and that is a definite sale!  You could not ask for a better gift than the sale of your home.

5.  Due to the growing number of  foreclosure inventory out there, a buyer will be very refreshed to see a  move in ready home.  Additionally, many home sellers that are being forced to move but have not gone into pre-foreclosure yet, generally cannot afford to fix their home to the standards that it may need to be market ready.  So this will make your home that much more appealing .

Ok, so have I made my point?  Are you still making that face?  I didn’t think so!  The winter is a perfect time to sell your home for so many reasons.  Your realtor will be able to help you through the entire process as flawlessly as possible.  So pick up the phone and call now, use their many years of professional experience to make this process as flawless as possible and the next thing you know you will be relaxing in your new home.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

How To Avoid Buyer’s Remorse

10 Jan

How To Avoid Buyer’s Remorse

The excitement of buying a new home is indescribable.  You spend all of your time going over all the details of each and every possible home  that is suitable for you.  Then you actually find a home that you just love.  After spending a great amount of time thinking about your dream home, you make an offer.   Then it happens, you get that call from your realtor –  your offer has been accepted.  All of a sudden the reality that you just bought a home hits you like a ton of bricks!

Buyers have different reactions the that “Oh My Gosh, I Just Bought A House” feeling and understandably so.  Buying a home is a BIG decision.  Many  people begin to have second thoughts about their decision.  Did I do the right thing?  Can I afford this?  What if something happens?  How much money did I just spend?  Can I come up with the down payment?  How much are the closing costs going to be?   Etc.

You feel like your life is going to be changed forever.  You think that you will never again be able to live the life that you currently have  – enjoying eating at a restaurant, going to the movies whenever you feel like it,  having a shopping spree.  You think your entertainment budget has been shot out the door!  Then you get the dreaded truth in lending statement and you see just exactly how much your mortgage including the interest will be over 30 years and you are shocked and dismayed.  You think “what have I done?”

Sit down and relax.  Millions of people buy new homes every day and get through it with no problems.  Don’t worry, what you are feeling is normal and you will be glad to know that it is temporary.   This too shall pass.   You will adjust your lifestyle and things will be back to normal before you know it.

Try to replace all of those negative feelings with positive ones like – imagining yourself sitting in your new home, enjoying your new life.  Picture how well your new home suits your family’s needs.    Think about all of the things that you will have in your new home that you don’t have in your current home.   Give it time, you will get the hang of it.

If you still have those “Buyers Blues” then call your realtor immediately.  Your real estate agent has years of experience helping their clients through the home buying process from start to finish and they will be more than happy to help you with anything you need.  So remember, these feelings are normal.  Then go relax and enjoy yourself.  Go and eat at your favorite restaurant or do a little shopping; whatever it takes to rid yourself of the buyers blues and before you know it you will be sitting in your new home wondering why you ever had any doubts!

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Should you consider a lease with option to buy?

6 Nov

Should you consider a lease with option to buy?  For many individuals leasing a home with an option to purchase is an attractive way to purchase a home. Especially for those experiencing credit issues and who do not anticipate the situation to be cleared up for more than a year.

Sellers finding it difficult to sell their home are more willing to write a Lease to Purchase Contract. This way you can go ahead and move into your own home while mending any issues you have.

Typically, a portion of each month’s rent will go towards the purchase price of the house. The amount will depend on the terms of your contract. A good negotiator might even be able to get 50% of the rent to go towards the purchase price of the house. Keep in mind, in Lease to Purchase Contracts, the Seller will want money down on the home.

This gives them some assurance that you are a serious buyer. This money can also be used as a “Deposit” should you eventually decide against purchasing the house. It can cover damages that you and your family may have done to the property. These are all issues that should be addressed in your Lease to Purchase Contract.

There are certain properties that are more practicable for a Lease to Purchase Contract:

• Fixer-upper homes that need a few repairs
• Homes with little or no equity
• Homes that are For Sale by Owner

Buyers whom are more likely drawn to this type of sale:

• Buyers with damaged credit
• Buyers going through a divorce
• Buyers who don’t have much cash set aside for a healthy down payment
• Buyers who are self-employed

Sellers should keep in mind, if your home has been on the market for a considerable amount of time, you may want to consider a Lease to Purchase option. This option expands your market of homebuyers.

If you’re concerned about the terms of the contract and whether you will get your money keep in mind, you can negotiate the terms in your contract. If you’re looking for cash flow, then ask for a sizeable down payment. Often a buyer has cash to spend but their credit is flawed. Stipulate in your contract what portion of the down payment will go directly to the seller should the buyer default on the contract.

Another item to consider in most Lease to Purchase Contracts, the property is returned to the Seller if the Buyer defaults in any way. You would be able to get your house back and resell it.

For both home buyers and sellers, Lease with Option to Buy can be an attractive proposal.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

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Passing A Home Inspection Successfully

2 Nov

Passing A Home Inspection Successfully.  Every home buyer has a different preference as far as their likes and dislikes are concerned. However, all buyers want to buy a house that is sturdy and is as sound structurally as it appears to be on the outside.

There are several problems that are scrutinized carefully by a home inspector since they are quite common and can turn out to be very costly when you set out to repair them. The best thing to do is to look for these 11 problems your self so that they can be reviewed and repaired as early as possible. Here are a few checks to get you started;

Is the plumbing defective?

Leaking and clogging are the two main signs that the plumbing in the house is defective. Water pressure can be gauged by turning on all faucets and flushing the toilet. The sound of running water shows that the pipes are undersized and if the water is dirty when the faucet is turned on, it indicates that the pipes are rusting.

Is the basement damp or wet?

A powdery white mineral deposit against the wall and a few inches off the floor, or mildew odor, are elements an inspector is likely to look for. These are all signs that the basement is damp or wet. Waterproofing can prove to be very costly. You will need to get an estimate of the costs to get a better idea about what you want to net on your home.

Is the heating and cooling system poor?

Poor heating is often indicated by insufficient insulation and a poorly functioning heating system. An inspector will check the life span. If there is a forced air gas system, an inspector will look carefully for any cracks on the heat exchanger since it can release carbon monoxide into the home.

Are there any roofing issues?

Curling of the asphalt shingles and damage from heavy wind are just a few things that can lead to water leakage through the roof. Leaking gutters and downspouts causing the water to run down through the exterior walls can lead to major internal problems in the roofing.

Is the wood rotting?

The inspector will probe the wood to see if there is any rotting in the door or window frames, trims, sidings, fences, or decks. He will pay special attention to any place that has been freshly painted.

Is the masonry work in good health?

Although re-bricking is quite costly, sometimes it is required to avoid problems with water and moisture penetration which could further lead to the chimney being clogged with fallen bricks or the entire chimney falling off onto the roof.

Are there structural or foundation problems?

Since structural integrity is necessary for every home, an inspector will investigate the underlying footing and foundation carefully.

Tough times can make it challenging for sellers and if you’ve neglected your home this can cause you to lose a potential home buyer. Perform a thorough inspection of the house before thinking about putting it up for sale. This will not only help you get a more accurate estimate of the sale price but will also not spring any surprises on you when a professional inspector does a check for these things.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

PRIVATE MORTGAGE INSURANCE VS. FHA INSURANCE

26 Oct

Q: What is the difference between private mortgage insurance (MI)

used with conventional loans and FHA?

A: Private MI is the private sector alternative to Federal Housing

Administration (FHA) mortgage insurance, which is a government

program backed by taxpayers. While both guaranty repayment to

banks if a buyer defaults on their loan, there are some important

differences:

• Private MI generally costs less for high FICO buyers.

• Private MI may typically be canceled sooner.

• Private MI is available on a wider variety of loan products.

Q: When should I suggest private MI over FHA?

A: If your borrower has a FICO score of 720 or higher with at least 3%

down, then private MI with Radian is the clear answer for them!

Borrowers with a FICO score of 680 or higher and at least 10%

down will also benefit from this.

Q: How much does MI cost?

A: That depends. Less MI is required with a 15% down payment than

with a 5% down payment. In addition, it depends on other factors

including the type of mortgage, the amount of coverage, and the

MI payment option..

Q: What are the ways to pay for MI?

A: The premium can be paid monthly, in a lump sum at closing or by

financing it into the loan amount.

Q: Do borrowers have to pay for MI for the entire term of the mortgage?

A: No. A federal law called the Homeowners Protection Act requires

that MI be canceled when a home builds up a certain amount

of equity. Homeowners can request cancellation of MI when the

balance on the mortgage reaches 80% of the home’s original value.

Otherwise when the mortgage balance reaches 78% of the home’s

original value MI must automatically be canceled by the lender as

long as payments are current.

Q: Are MI premiums tax deductible?

A: Yes. Under federal legislation, families with a household income of

$100,000 or less may be able to deduct the full premium cost of

MI, while families earning up to $109,000 can qualify for a reduced

deduction. Borrowers should consult their tax professional for more

information.

Contact your Radian sales representative for more information today!

 

Kim Davis

The “Porikos” Team

Mortgage Loan Originator Assistant NMLS #272652     

Group One Mortgage NMLS #53185

900 E Indiantown Rd Suite 110

Jupiter, Fl 33477

561-745-6075  fax  561-747-8409

 

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